Wills and Inheritance

Area of law? inheritance law/ law of succession/ wills and probate VERB NOUN ADJECTIVE To inherit inheritance Inheritable To succeed succession Successive - will probate

A will also called a testament (Last Will and Testament) a legal declaration by which a person, the testator, names one or more persons to manage his or her estate and provides for the distribution of his property at death a codicil - a document stating the amendments to a will

Requirements for creation testator must be over the age of majority and of sound mind - must clearly identify oneself as the maker of the will and that a will is being made must demonstrate thier capacity to dispose of the property and that they’re doing it freely and willingly must sign and date the will in front of two (disinterested) witnessess (signature placed at the very end) one or more beneficiaries (legatees) must be stated in the will

Distribution of a person’s property after death IF THE PERSON LEFT A WILL the executor is named to deal with the estate they apply for a Grant of Representation/Probate which gives them the legal right to deal with the deceased person’s estate (proves the will is valid and executor is named – probate proceedings) they pay inheritance tax (for estates worth over £325,000) they collect the assets (f.e. money from the sale of the propery) they pay debts and outstanding bills they distribute the estate to beneficiaries

Contentious probate contesting a will – a will is valid, but potential beneficiaries are not satisfied with its provisions challenging a will – challenging the very validity of the will in order for a Grant of Probate not to be approved by the court disputing a will – any other dispute (uncertanty about the terms of the will, disputes between the executror/s and the beneficiaries…)

Devolution of a person’s property after death IF THE PERSON DID NOT LEAVE A WILL the law of intestacy (adj. intestate f.e. to die intestate) administrator – person appointed by court to distribute the property to heirs - survivors - spouse, two children, one grandchild a) estate worth <£250,000 spouse gets everything b) estate worth >£250,000 spouse gets assets and property up to £250,00 as well as all personal possessions regardless of value the remainder- equally divided between children, BUT the spouse gets a life interest in half of the remainder

October 1, 2014 survivors - spouse, two children, one grandchild a) estate worth <£250,000 spouse gets everything b) estate worth >£250,000 spouse gets assets and property up to £250,00 as well as all personal possessions regardless of value the remainder- spouse fully entitled to half of it, the other half equally divided between children

Rules of inheritance 1. Children or their descendants 2. Parents 3. Brothers or sisters or their descendants 4. Half siblings or their descendants 5. Grandparents 6. Uncles and/or aunts or their descendants 7. Half uncles and/or aunts or their descendants 8. Whole estate passes to the crown

Thank you! Reading of a will https://www.youtube.com/watch?v=AUxYjIQrjlc Thank you!